A payment that is miniscule to one is a fortune to another. I’ll give you the numbers, then you can answer your own
question. They are for a $100,000 30-year loan at 6%.
The initial interest payment on a $100,000 loan at 6% is $500. It is .06 times 100,000 divided by 12. If you skip the
first payment, the $500 is added to the balance, making it $100,500. In the following month, your interest payment will be
$502.50. The additional $2.50 is on the $500 you skipped. Further, the interest payment will remain higher throughout the
remainder of the life of the loan, relative to what it would have been had you not skipped the first payment.
If your loan runs for the full 30 years, you will end up paying an additional $2993 of interest. If you pay the balance
off after 15 years, it will cost $864 in additional interest. If you pay off in 5 or 10 years, it drops to $205 and $486.
To apply these numbers to your own case, multiply them by the ratio of your loan amount to $100,000, and your interest rate
to 6%. For example, if your loan is for $200,000 at 4 %, you multiply by 2 and by 2/3, or by 1.33. The numbers would then be
$273, $648, $1152, and $3991. Are these miniscule?
